Last updated - 1 November 2017
What is it?
The scheme helps many first time buyers get a foot on the housing ladder, or existing home owners upsize to a new property as their family grows. Buying a home in the current market can be very difficult for many people.
Shares in the property range from 25% to 75% of the value of a property and you can take out a mortgage for the share you buy. You will then pay a subsidised rent on the share you don’t buy, along with a monthly service charge for estate management - a standard payment on all leasehold properties. With a previously owned property (or resale) you would buy the share the current owner has purchased and can staircase to own more at a later stage.
Am I eligible?
Eligibility will vary depending on which development you are looking at, the property size and whether there are any specific criteria imposed by the local authority. For example, with some boroughs in London they ask that you have lived or worked in the area for a minimum, unbroken period of 12 months.
There are some criteria that you must meet for every scheme:
- In London, your total household income needs to be under £90,000 per annum. A lower household income of £80,000 is applicable for developments outside of London. This is for any size property
- You are unable to purchase a suitable home to meet your housing needs on the open market
- You do not already own a home or you will have sold your current home before you purchase or rent
- Priority will go to Armed Forces personnel (serving military personnel and former members of the British Armed Forces discharged in the last two years).
Shared Ownership is available on a variety of properties including new build and previously owned properties (resales). Previously owned properties are homes which the current owner wishes to sell. These are properties which were previously sold as shared ownership homes, and can be properties which Genesis are now selling on a shared ownership basis.
What is staircasing?
Staircasing is the process of buying more shares in your property, enabling you to own more of your home. You can do this as a leaseholder of a Shared Ownership property bought either new, as a resale or via Social HomeBuy.
The greater the share you buy in your home, the less rent you pay too.
If you staircase to 100% you become an outright owner and pay no rent!
Is staircasing for me?
This is perfect for anyone looking to own more of their home. There are many benefits to staircasing including:
- Lower rent - you will reduce the amount of rent you pay on your home each month
- More profit - if you decide to sell your home, the greater percentage you own, the more profit you will make
- More control - if you staircase to 100% you can sell your home on the open market using an Estate Agent
- More buyers - if you staircase to 100% you can sell to anyone in the market interested in buying your home.
- Higher return on investment - becoming the outright owner also allows you to maximise the profit from major home improvements when selling your property.
Available homes to buy through Shared Ownership
Genesis has a range of homes available in London and the South East available to buy via Shared Ownership, including new builds and previously owned properties or resales.
Visit our Shared Ownership page to view all homes we have available or contact our Sales Team on 020 3797 4261 to find out more.